Intact (ING) to buy Aviva?

[Avi Singh]

Interesting read for those that are interested.

http://www.financialpost.com/story.html?id=1375445

[FiReSTaRT]

I'm not a big fan of consolidated markets. Just look at what's happening with our telecom industry.

[KawiZuki]

Interesting read for those that are interested.

http://www.financialpost.com/story.html?id=1375445

Do you think this is speculation or possible reality?

[FiReSTaRT]

It could happen but I hope it doesn't.

[Avi Singh]

Do you think this is speculation or possible reality?

Both I guess. As the article said ING is well capitalized and debt free which would make them a good suitor. Only time will tell.

[KawiZuki]

Both I guess. As the article said ING is well capitalized and debt free which would make them a good suitor. Only time will tell.

Does the IBC have to approve this first?
What keeps a company from basically creating a monopoly?

[VifferFun]

Does the IBC have to approve this first?
What keeps a company from basically creating a monopoly?

It would be pretty tough for a single company to create a monopoly in the Canadian Insurance Industry. Even after merging, the two companies would only have about 20% of the market share, which is far from a monopoly.

By the way, I don't work for ING or Aviva.

[VifferFun]

It's true, we got an internal notice months ago.

No deal has been made yet. I know people who work at Aviva and nothing has been announced internally.

[rctyler]

CONTROL ONE -- are you saying you work for INTACT?

[MarcosSantiago]

Does the IBC have to approve this first?
What keeps a company from basically creating a monopoly?

I thought it was already a monopoly...

[VifferFun]

I thought it was already a monopoly...

Far from it. There are over fifty insurance companies writing policies in Ontario alone.

[zeekat]

Does the IBC have to approve this first?

The IBC is more of a trade association for the bulk of P&C insurance companies in Canada who are members ... so they are just the public mouthpiece and lobbyists for the P&C insurance industry. So they have no say in this.

They also serve as an important statistical body for insurance companies since all member companies submit tons of statistical information about their policies and claims to the IBC and the IBC crunches those numbers to produce statistical data from an industry-wide experience that is available to the member insurance companies for people like VifferFun to chew on if I'm correct.

[VifferFun]

They also serve as an important statistical body for insurance companies since all member companies submit tons of statistical information about their policies and claims to the IBC and the IBC crunches those numbers to produce statistical data from an industry-wide experience that is available to the member insurance companies for people like VifferFun to chew on if I'm correct.

Yes, this is true, but IBC charges us for the data. I don't trust the IBC reports, so I get the raw data and do my own analysis.

The experience of each insurance company differs due to a different book of business, different claims handling methods and costs, etc. We don't use industry data completely when conducting a rate analysis, but use it as a "complement of credibility". In other words, if we do not have enough claims data to be statistically confident with the result of our internal analysis, then we weight the result of our internal analysis with that of the industry analysis. Depending on the amount of data we have, we could weight the industry data anywhere from 0% to 100%.

[rctyler]

do we have an actuary in our midst???

[ForceGe]

do we have an actuary in our midst???

actuary... my arse. dog f++kers - yes.

insurance industry itself is a biggest fraud in human history.

Does that statistic help? yes. but whom? you? NO.

what kind of bike do you have?

SS.. hm.. bend over - 3000$
touring you say.. hm.. bend over - 2000$

+/- few hundreds to keep the party going..

[rctyler]

ripoff, maybe...but all it takes is a look at some of the morons who ride motorcycles (and sportbikes in particular) to realize why the rates are the way they are.

[rctyler]

Glad you feel that way!

And to answer the previous question, no, I do not work for either company involved.

so if you don't work for either company...what "internal memo" are you referring to? did intact or aviva feel the need to notify state farm prior to their own employees?

[ForceGe]

ripoff, maybe...but all it takes is a look at some of the morons who ride motorcycles (and sportbikes in particular) to realize why the rates are the way they are.

so what? it's not an excuse to rip off people.

there are many cases when people choke while drinking tea, SO let's increase life insurance premiums for those who drink lots of tea...

tea with honey.. hm.. let's double the premium - more chances to choke on that.

[VifferFun]

Although I don't appreciate the tone of your response, here you go

This Memo is just the article that describes The Netherlands' ING Groep pulling out of the Canadian market, and the rebranding on ING Insurance to Intact Insurance. This memo doesn't speak about Intact possible acquisition of Aviva.

[VifferFun]

do we have an actuary in our midst???

How'd you guess?